WorldcrunchOil prices surged today to $50 per barrel, after OPEC and Russia reached what the oil producing cartel described as “a historic agreement” in Vienna. Under the deal, their output will be reduced by 1.2 million barrels per day starting in January, the first time since 2008 that OPEC nations have agreed to cut production. […]
The U.S. was once vulnerable to the geopolitics of energy reserves. Now American shale gas exploration offers foreign policy muscle in the face of the Saudis, Russians and Iranians.
Falling crude prices spell trouble for oil-dependent economies like Venezuela and Russia, with political consequences to follow. Meanwhile, the world’s two biggest economies may fare well.